{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-411","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-411","heading":"General obligation bonds to fund special assessment","body":"obligations, interest and penalties - Sale - Interest - Maturity -\n\nProceeds - Lien.\n\nAny county, city, town, township, board of education, school\n\ndistrict, or any other municipal corporation in this state, whether\n\noperating under the provisions of a special charter or otherwise, is\n\nhereby authorized and empowered to issue its general obligation\n\nbonds for the purpose of funding any or all of its matured and\n\noutstanding special assessment obligations and the interest and/or\n\npenalties thereon, lawfully assessed against any such municipal\n\ncorporation for the payment of special improvements and for which\n\nsuch special assessments levies have been made by such municipality,\n\nbut for which there are not sufficient funds on hand with which to\n\npay such special assessment obligations. Said bonds may be sold for\n\nnot less than par and accrued interest in the manner now or\n\nhereafter provided by law for the sale of other bonds of such\n\nmunicipalities, or any of them, and the proceeds of said sale shall\n\nbe applied to the payment of the special assessments, interest\n\nand/or penalties, to be funded. If said bonds are offered for sale,\n\nand no legally accepted bids are received at said sale, the county,\n\ncity, town, township, board of education, school district, or other\n\nmunicipal corporations issuing such bonds, may, in its discretion\n\nagain offer such bonds for sale. Said bonds shall bear interest at\n\nany rate not exceeding six percent (6%) per annum and shall mature\n\nserially in equal installments beginning not less than three (3) nor\n\nmore than five (5) years after the date of said Bonds and shall be\n\nin denominations of Fifty Dollars ($50.00) or any multiple thereof;\n\nprovided, however, the last maturing installment and/or the last\n\nbond of the last maturing installment, may be for such sum less than\n\ntwo installments as will complete the full issue of such bonds,\n\nnotwithstanding the necessity of varying the amount thereof to\n\ncomplete the same. Such bonds shall in no event be delivered to the\n\npurchaser thereof except upon simultaneous payment therefor at par\n\nand accrued interest to the date of said payment and the treasurer\n\nof any such municipality shall immediately upon delivering said\n\nbonds and being paid therefor, proceed to pay to the proper officer,\n\nthe special assessment, interest and/or penalties which said bonds\n\nwere issued to fund and he shall procure a receipt therefor showing\n\nall of such matured special assessments and the interest accumulated\n\nthereon to the date of payment, as being paid in full. If any of\n\nthe purchase money derived from the sale of the bonds is left in the\n\nhands of the treasurer after the payment of such special\n\nassessments, interest and/or penalties, the same shall be credited\n\nto the sinking fund created for the payment of said bonds, however,\n\nnothing herein shall be construed to authorize the issuance of bonds\n\nin an aggregate face amount greater than the total amount of matured\n\noutstanding special assessments, interest and/or penalties, to be\n\nfunded. Nor shall any such bonds issued hereunder extend any lien\n\nupon or create any liability against any property not liable\n\ntherefor under existing or prior bonds.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2179e4eca256f77410dda4909cb1b2e3ed023ee2479eea6b97ec2ee157c6e9ba","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-41.9","next":"us-ok/okla.-stat.-tit.-62-62-412"},"notice":"GroundRules: Original legal text. Not legal advice."}